Galleon Founder Puts Up Apt. To Secure Record-Setting Bail

Oct 23 2009 | 3:17am ET

Accused insider-trader Raj Rajaratnam was back in federal court yesterday, signing the paperwork for his record $100 million bail.

The Galleon Group founder, who faces 11 charges of conspiracy and securities fraud in an alleged $20 million insider-trading scam, secured the bond with his Manhattan apartment, in a tony Sutton Place development. Rajaratnam, who was freed on Saturday after a night in jail, had until today to offer a $20 million guarantee on his bond.

Rajaratnam’s five co-defendants in the case, who include a pair of former Bear Stearns hedge fund veterans, have also posted bail.

Rajaratnam was arrested last Friday, accused of being part of an insider-trading circle. Since then, Galleon, which has more than $3 billion in assets under management, has announced plans to liquidate its hedge funds.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of